Earnings per Share

6 Months Ended

Jun. 30, 2023

Stock Dividend

On July 1, 2023, the Company paid a special stock dividend of 4.0% to common shareholders of record at the close of business on June 15, 2023. For all periods presented, share information, including basic and diluted earnings per share, has been adjusted retroactively to reflect this change.

Basic earnings per share is computed by dividing income available to shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential shares that were outstanding during the period.

Presented below is a summary of the components used to calculate basic and diluted earnings per common share, which have been restated for all stock dividends:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands, except per share data)	2023		2022		2023		2022
Basic and Diluted Earnings Per Share:
Net income available to shareholders	$	2,549	$	4,489	$	5,820	$	11,098
Basic weighted-average shares outstanding	7,039,323		7,039,323		7,039,323		7,087,178



Effect of dilutive equity-based awards	520		—		—		—
Diluted weighted-average shares outstanding	7,039,843		7,039,323		7,039,323		7,087,178
Basic earnings per share	$	0.36	$	0.64	$	0.83	$	1.57
Diluted earnings per share	$	0.36	$	0.64	$	0.83	$	1.57

The dilutive effect of restricted share units is reflected in diluted earnings per share unless the impact is anti-dilutive, by application of the treasury stock method.

Repurchase Program

Pursuant to the Company's 2019 Repurchase Plan, management is given discretion to determine the number and pricing of the shares to be purchased, as well as the timing of any such purchases. The Company did not repurchase any shares during the current quarter. As of June 30, 2023, $2.1 million remained available for share repurchases pursuant to the plan.